Cardano (ADA) Price Poised To Flip at This Level! Here’s What Santiment Data Say!

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During the continuing truce between Russia and Ukraine, the global crypto market lost roughly 10% of its value.

The 24-hour trading volume of the eight major cryptocurrencies by market size, according to CoinMarketCap, is $3,152,200,460, up 92 percent.

ADA Price Action

Cardano (ADA) is trading at a significant loss on Thursday. The markets are trembling as a result of Russia’s military operations in Ukraine. Riskier assets, such as global stocks and cryptocurrency, took a beating. 

The price of ADA has now recovered to the psychological $0.80 level, which may bring some respite to ADA investors. It could serve as a dependable support level for the asset in the future.

In technical terms, however, the construction of new highs or lows coupled with above-average volumes worked as a reversal’ pattern in some situations. 

Santiment sheds light on ADA

According to Santiment, recent moves by major players could be a bullish indicator for Cardano, a scalable decentralised blockchain platform (ADA).

Deep-pocketed Cardano investors who took profits at the correct time last summer, according to the firm, have been reloading their bags with large sums of ADA in recent weeks, according to a tweet. 

The firm suggests that, Cardano shark addresses holding 10k to 100k ADA has a history of doing an excellent job calling tops. In the last five weeks, these addresses have contributed 6% more to the overall ADA supply. 

On its website, the analytics firm goes even deeper, addressing the implications of negative funding rates on probable future price action. 

To determine when Cardano might return to all-time highs, Santiment looks at previous activity among whales with transactions more than $100,000.

We notice that the biggest clusters of whale transactions occurred directly at the peak of the local market in both May and September.